THE NEWS WRAP: IMF chief warns of 1930s-like slump

The world could be faced with a 1930s-style economic slump unless the eurozone debt crisis is resolved, the head of the IMF has warned.

 

Christine Lagarde said that the eurozone needed a “larger firewall” if it was to prevent the debt crisis from spreading. 

 

 

Qantas pay deal approved

 

A pay agreement between Qantas and the licensed engineers union has finally been given the green light by the workplace umpire.

 

Fair Work Australia’s approval of the deal, which will see union members receive a 3% pay rise, is the first of three disputes that Qantas is attempting to negotiate, following the grounding of its fleet last year.

 

 

 

Megaupload boss denies internet piracy in NZ court

 

Kim Dotcom, the online entrepreneur who has been accused of obtaining illegal profits through his site Megaupload.com, has denied charges against him in a New Zealand court.

 

The German national was arrested in New Zealand on request of the FBI, which claims he has earned $175 million from copyright infringement.

 

 

Overnight

 

The Dow Jones Industrial Average fell by 24.68 points, or 0.2%, to 12,695.80. The Australian dollar moved above 105 US cents for the first time since October.

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